Lazari Investments, a London-based property investment firm, founded by Cypriot expatriates acquired the iconic Fenwick department store on Bond Street.
Located on London’s most famous shopping street, the purchase closed at around £430 million.
The Fenwick story
Fenwick began operations in 1882 and today has nine stores across the UK. The company was founded by John James Fenwick. After working as a shop assistant, Fenwick bought a doctor’s house in Newcastle in 1882 for £181, which he converted into the first store of the well-known chain.
The department store in London’s shopping district opened in 1891 and is one of the flagships in West End retail, as well as the only department store on Bond Street.
Leonidas Lazari comments on the deal
One of the shareholders of Lazari Investments, Leonidas Lazari, spoke to Phileleftheros about his company’s investment.
“Our Group acquired the famous Fenwick department store that has been operating for 134 years, as well as the Dolce & Gabbana store on Bond Street in London. The corner site consists of six buildings and is considered one of the most attractive sites in Europe. The site includes 80 metres of exceptional frontage on Bond Street and Brook Street, with five upper levels,” Lazari said.
Under the agreement, the Fenwick department store on Bond Street will remain open until 2024, he explained.
Lazari Investments aims to redevelop the building to create a 23,000 square metre, multi-purpose space, which will consist of state-of-the-art offices, as well as modern retail stores.
The project will be completed before the end of 2027 and will have an expected value of £1 billion, while the building will be carbon-neutral, Lazari stressed.
Lazari Investments recognises the historic importance of the location, therefore the firm will design the new building with respect to the unique architectural features of Mayfair, thus ensuring the development of the area, Lazari said.
Who is Lazari Investments
Lazari Investments Limited is one of three UK business groups owned directly or beneficially by the Lazari family. The group owns a 3.25m square feet commercial real estate portfolio and 125 residential units. It operates across eight estates in central London.
The company is run by Leonidas, Andrie and Nicholas Lazari.
With the Fenwick department store building purchase, the biggest deal Lazari Investments has made, Chris Lazari’s children aim to build on the legacy of their father. According to Sunday Times Rich List, the net worth of the family is estimated at £2,125 billion.
Chris Lazari was born in Dora, Limassol in 1946. At the age of 16, in 1962, he left Cyprus to emigrate to England. With money he saved from washing dishes and working as a waiter, Lazari studied fashion design in London and set up the Drendie Girl clothing label, which successfully sold in London’s high-street retailers. In 1978, using the profits from his fashion business, he moved into property, citing his father’s influence, who was a builder and taught him the value of real estate, behind his decision.
Chris Lazari passed away in 2015.
The Lazari family’s extensive charity work included active support for the Radiomarathon for people with disabilities.
